EUR/JPY has recently rejected from the resistance 119.40 and the cost is presently in bearish bias. Today EUR had some economic occasions, such as French Customer Spending which is anticipated to be 0.6 and it was unchanged after released in addition to French Prelim GDP was likewise unchanged with the forecast at 0.4%. French prelim CPI had some negative report at 0.1% which was anticipated to be 0.4% and Italian Prelim CPI was favorable at 0.3% which was anticipated to be 0.1%. On the other hand, JPY had Prelim Industrial Production report which was anticipated to be 0.4% but published at -0.8% and Retail Sales report was anticipated at 0.9%, released at 1.0%. Despite the unfavorable news of JPY industrial production EUR was unable to supply pressure on JPY. Daily close today will decide the additional relocations in this pair.Now let us
look at the technical view, the price has actually rejected from the 119.40 resistance and some bearish pressure is observed in this set. Since recent bullish pressure it is not a great time for offering in this pressure but if the price clears the nearest support level 118.20 then it is expected that the bearish bias will continue, till then the price is expected to change between the area of 118.20-119.40.
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